PINNACOL ASSURANCE PRESIDENT PON TO RETIRE:

Pinnacol Assurance, Colorado’s largest provider of workers’ compensation insurance, announced that President and CEO Gary Pon will retire this summer. Pon has served as the company’s CEO since 1986. During his 20-year tenure, Pon transformed Pinnacol from a beleaguered state agency with a half-billion dollar deficit into a thriving, entrepreneurial company with more than $300 million in surplus. As a result of this turnaround, the company distributed policyholder dividends in May for the first time in 23 years. Pon guided Pinnacol’s evolution from a corporate hierarchy to a team-based structure, aimed at making the workers’ comp claims process efficient for injured workers and cost-effective for Colorado businesses. He eliminated unnecessary management layers and was instrumental in developing the company’s Web-based policy and claims management system. Under Pon’s leadership, the company launched SelectNet, an exclusive network of more than 1,200 medical providers who specialize in treating workplace injuries. Service improvements have boosted Pinnacol’s overall customer-approval rating to an all-time high of 8.6 on a 10-point scale, according to a 2004 survey conducted by Snowberry Research. Another significant element of Pinnacol’s success was Pon’s strategy to contract with independent insurance agents. This approach boosted Pinnacol’s market share and pushed the company beyond its original charter as the “safety net” provider for Colorado businesses that can’t get workers’ comp insurance elsewhere. Pinnacol’s board of directors is conducting a search for Pon’s successor. Pon will remain in his role until a replacement is found and then work with the new CEO to ensure a smooth transition.

Topics Workers' Compensation Colorado